Advertising Industry Implodes, New Model Emerges - Will Other Professional Services Embrace Midwestern, Small, Low-Tech, Very Human?

 Once glam and dripping with creative cool, the advertising sector is crashing, documents The Wall Street Journal. The 3,000 jobs lost last December had represented just the tip of the iceberg. Bigger signs of existential trouble are these:

"The market capitalization of Ogilvy parent WPP ... has fallen from more than $30 billion in 2017 to less than $4 billion today ... Publicis Groupe saw its shares fall sharply in February after its outlook failed to dispel investor concerns about the impact of artificial intelligence on its business."

Amidst this implosion one model is proving effective. Unlike the ethos of the old-line ad agencies it celebrates being midwestern and is based there for cost-efficiency, doesn't aim for rapid growth positioning that as stability, is low-tech and has a close interface with clients. That's the Bark Firm, housed in Casper, Wyoming. Operating in the brand space since 2009, it's thriving. 

Could that template be applied to more types of professional services - finance, law, public relations and management consulting? It had been strategic genius in the legal sector Brad Karp at Paul, Weiss who kept overhauling the business model as well as the culture, increasing profit 183% between 2008 and 2024. 

Pilot programs can be started with small offices set up far from the glitz of locations such as on the coasts. Initially those branches would pitch to midwestern businesses, then go beyond that to coastal and global corporations and private companies. There would be no pressure on the principals and partners to grow fast. Rather slow and steady, becoming known for outstanding service at a reasonable fee. Eventually the New York City professional services players could also adopt that model. That, not AI per se, could disrupt those sectors.

In coaching I guide solopreneurs in what business model and culture to try out. Experimentation is downright necessary in these volatile uncertain times.

Success is a mental game. Failure comes from being done in by the “committee” in your head.

Together, we liberate your thinking. Then we change your story. And, unleash success. Meanwhile, we focus on bringing in income. That puts you in a position of strength.

Intuitive Coaching. Special expertise with transitions, becoming a solopreneur and aging. Psychic/tarot readings, upon request. Complimentary consultation with Jane Genova (Text 203-468-8579, janegenova374@gmail.com). Yes, test out the chemistry. Zero risk.

Don’t give up before the miracle.

 


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